Six months after going into administration, ASX-listed Quadtel Limited has been resurrected with an agreement to acquire Original Spin, a developer of wireless mobile software applications.
Quadtel was placed into administration in May after the board resolved to provide no further funding to Quadtel subsidiaries -- Quadtel International and software distributor Marketing Results. Marketing Results has since been acquired by Phoenix IT.
The subsidiaries were officially placed into liquidation on 12 July and by November the liquidator of the two trading subsidiaries obtained the approval of creditors to compromise any possible debts due to the subsidiaries from Quadtel, a company statement said.
A month prior, the company appointed Claymore Capital to provide corporate advice and a strategic direction for the operation.
Bruce Ind from Quadtel, said the company is hoping to begin trading again on the ASX prior to the end of the first quarter, following a company AGM which is planned for early February.
A new board of directors would be made up of Spin executives and former Marketing Results director David Whitfield, Ind said. Whitfield was appointed as a director of the company
In a statement issued late last month, Quadtel said since the trading halt in Quadtel securities on 13 May, the company had raised $600,000 by way of loan funds to be converted into ordinary shares at $0.001818 per share, subject to shareholder approval.